47Application by creditor in cases of undervalued transactions
(1) Where an undervalued transaction has taken place and the liquidator or the resolution professional as the case may be, has not reported it to the Adjudicating Authority, a creditor, member or a partner of a corporate debtor, as the case may be, may make an application to the Adjudicating Authority to declare such transactions void and reverse their effect in accordance with this Chapter.
(2) Where the Adjudicating Authority, after examination of the application made under sub-section (1), is satisfied that—
(a) undervalued transactions had occurred; and
(b) liquidator or the resolution professional, as the case may be, after having sufficient information or opportunity to avail information of such transactions did not report such transaction to the Adjudicating Authority,
it shall pass an order—
(a) restoring the position as it existed before such transactions and reversing the effects thereof in the manner as laid down in section 45 and section 48;
(b) requiring the Board to initiate disciplinary proceedings against the liquidator or the resolution professional as the case may be.
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- 33 Initiation of liquidation
- 34 Appointment of liquidator and fee to be paid
- 35 Powers and duties of liquidator
- 36 Liquidation estate
- 37 Powers of liquidator to access information
- 38 Consolidation of claims
- 39 Verification of claims
- 40 Admission or rejection of claims
- 41 Determination of valuation of claims
- 42 Appeal against the decision of liquidator
- 43 Preferential transactions and relevant time
- 44 Orders in case of preferential transactions
- 45 Avoidance of undervalued transactions
- 46 Relevant period for avoidable transactions
- 47 Application by creditor in cases of undervalued transactions
- 48 Order in cases of undervalued transactions
- 49 Transactions defrauding creditors
- 50 Extortionate credit transactions
- 51 Orders of Adjudicating Authority in respect of extortionate credit transactions
- 52 Secured creditor in liquidation proceedings
- 53 Distribution of assets
- 54 Dissolution of corporate debtor